94 Glenn Bridge Road in Arden, NC 28704

Acreage: 17.37
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Community: Arden in Buncombe County

Acreage: 17.37
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Rare opportunity to purchase a quality large production warehouse building on 17+ acres, with land approved for additional development. Prime Arden location just 2.7 mi from Asheville Regional Airport and I-26. Nearly 100,000/sf of the building is naturally lit production space. Current FMV for such space is $7.50/psf or better. However, the existing single tenant lease is dramatically below fair market ($208,000 NOI with 4.5 years remaining with no renewal rights). Looking beyond that to current fair market rent, the forward CAP rate is 10+% exclusive of surplus land value. If parceled @ FMV, the forward CAP rate is 13% . If converted to climate-controlled storage, even higher returns are obtainable. The approximately 8 acres of surplus land fronting Old Shoals Rd and has been approved for construction of an additional 93,000/sf. This land could readily accommodate climate controlled self-storage or apartment construction. FMV of the surplus land is $2,000,000.

Listed by Pulliam Properties, Inc
Original Listing Price: 9,500,000
MLS #: ‍3779682
Listing Status: Active
Days on Market: 101
This Property has Been Viewed 71 Times

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Property Features

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Basement/Foundation: Slab
Year Built: 1967
Roof: Rubber
Heating/Cooling: Natural Gas
Cooling: Office Only
Docs On File: Aerial Photo

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